PEF Advisors Acquires Pine Berry Senior Apartments in Clearwater, Fla.

The 85-unit property preserves affordable housing for seniors in the Tampa-St. Petersburg-Clearwater, Fla. MSA

CLEARWATER, Fla., March 16, 2026 /PRNewswire/ -- Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of Pine Berry Senior Apartments, an 85-unit apartment community in Clearwater, Florida. Most units at Pine Berry Senior Apartments are restricted to residents aged 62 and older with the remaining restricted to 55 or older. The property is located within 30 minutes of downtown Tampa, the third most populous city in Florida, and a major employment and entertainment hub for the region. Built with low-income housing tax credits in 2011, the property is restricted to residents between 35% – 60% of Area Median Income (AMI). 

The property is comprised of a single four-story residential building. The building is located on a 3.2-acre lot. The property features 43 one-bedroom units and 42 two-bedroom units. Property amenities include a swimming pool, clubhouse with business center, community room, library, fitness center, on-site laundry facility, elevator service, barbecue and picnic area, courtyard and pet area. Resident units offer floor plans averaging 839 square feet and include fully equipped kitchens with white appliances, washer/dryer connections, balconies or patios, walk-in closets, ceiling fans, microwaves and dishwashers. As of closing, the property was 98.8% occupied.

Pine Berry falls within the Tampa-St. Petersburg-Clearwater MSA, which is a high-growth market featuring strong fundamentals, including high AMI of $98,400. "With high housing costs and a low supply of affordable housing, the property is well poised for continued demand, especially with set-aside requirements as low as 35% of AMI," said Ann Caruana, President and Chief Investment Officer at PEF Advisors. She continues, "The central location, high quality, newer vintage, and abundance of amenities make the asset attractive for long-term investment and preservation of affordable housing." 

Pine Berry closed in March 2026 and represents PEF Advisors' third acquisition in its third Capital A affordable housing fund. 

About Preservation Equity Fund Advisors, LLC
Since 2016, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of the WNC & Associates, Inc. (WNC) family of companies with access to WNC's more than 54 years of experience in acquiring more than 120,000 units representing $21.5 billion in affordable housing nationwide, including through tax credit and/or preservation equity strategies.

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SOURCE PEF Advisors